Tax time is fast approaching and now is the perfect time to start getting your affairs in order.  There is no denying businesses have had a hard time over the last financial year, with lockdowns consuming the first half of the year and sky-high inflation consuming the other. Soaring prices may be top of mind for many business owners right now, but we’ve got some tax time business tips to ensure you fully maximise your return.

Start thinking about it now

You can never be too prepared when it comes to tax time. Plan early and don’t wait until the day before to start thinking about it. This means getting in touch with your accountant as early as possible. Consider talking about tax minimisation strategies that are appropriate for you. Be sure to give your accountant as much information as possible as they will be aware of tax implications that you may not know about.

Business friendly incentives

Business friendly incentives are a great way to maximise your tax return. The instant asset write-off scheme is just one example of this. This scheme has been extended for another year, until 30 June 2023. By investing in new or second-hand equipment and business assets you will be able to access this scheme. Be sure to check the criteria to see if your business is eligible.

Review your business systems and structures

Good bookkeeping is key to a smooth tax time. If you don’t already have a financial management software system in place for your business, consider implementing one before the new financial year. Tax time is also a perfect opportunity to review your operating structure. Different business structures are taxed in different ways, so it is important to review this to ensure it is the most suitable one for your business.